The 45-year-old former England international was caught on video slurring his words to a crowd in Northampton during 'An Evening with Paul Gascoigne' at the Park Inn hotel.
Taylor, who has vowed to give Gascoigne support, believes that the retired midfielder could suffer a similar fate to George Best, who died of multiple organ failure due to years of drinking.
"We have tried to support him throughout all his problems with rehabilitation at various clinics, with medical help," the Daily Mail quotes Taylor as saying. "We are in regular touch with him and have been again.
"We go one step forward and two back at times and this is just the situation. If we are not careful, it is going to be akin to George Best. It is unfortunate, but we try to keep going."
Gascoigne currently lives in Bournemouth.